Russia banned from SWIFT

Russia banned from SWIFT

International Deskdaily-bangladesh.com

Published: 10:23 27 February 2022  

Logo of SWIFT (Society for Worldwide Interbank Financial Telecommunication); Photo: Collected

Logo of SWIFT (Society for Worldwide Interbank Financial Telecommunication); Photo: Collected

Germany and its Western allies have decided to ban Russia from the SWIFT (Society for Worldwide Interbank Financial Telecommunication) Payment Network, the world’s leading financial exchange company.

It was also decided to limit the Golden Passports of affluent Russians. At the same time, a third round of sanctions has been underway to prevent Russian aggression in Ukraine.

A German government spokesman made the announcement on Saturday night, local time, report BBC and Al Jazeera.

He said Germany, UK, US, France, Canada, Italy and the European Commission had agreed on sanctions against Russia. It is important to “limit the economic capacity” of the country’s central bank to prevent Russian aggression.

A spokesman for the German government said the affluent Russians and their families would have their golden passports “revoked”. Sanctions will be imposed at the institutional level and at the individual level of those who support the war against Ukraine.

What is SWIFT 

The Society for Worldwide Interbank Financial Telecommunication or Swift is the main medium of international transactions. This allows banks to conduct global transactions quickly and securely to facilitate international trade. About 38 million transactions were made per day in 2020 using this platform, which has facilitated transactions worth trillions of dollars.

DailyBangladesh/AS